Monetary Policy
Eurozone needs fiscal stimulus – ECB’s Schnabel
ECB board member says raising eurozone inflation needs fiscal evolution and structural reform
Digital policy-making in a data-driven world
The way central banks think about data is changing. As the world becomes more digital, there is an ever-growing data pool from which central banks and regulators can draw information about the economy. Central Banking convened a webinar in association…
RBNZ to support government housing objectives
New Zealand finance minister changes central bank’s monetary and financial policy remits
Powell: US economy still ‘a long way’ from meeting Fed goals
Fed chair predicts continued need for low interest rates and QE, as recovery remains “uneven and far from complete”
New Zealand’s banking system operationally ready for negative rates
Central bank will lower rates below zero lower bound if required, MPC says
Monetary innovation required to respond to next crisis – Riksbank’s Breman
Deputy governor thinks fiscal and monetary policy co-ordination will be increasingly important
Zimbabwe’s government replaces central bank MPC
Finance minister changes entire MPC as academic observer dismisses inflation target as “fantasy”
Bank of Israel maintains stimulus despite rapid vaccination
GDP shrank by 2.4% in 2020, less than previously forecast
Norges Bank’s policy space ‘almost exhausted’ – governor
Norwegian governor warns public spending is increasingly dependent on sovereign wealth fund
SNB should adopt higher inflation target, report says
Senior economists recommend the Swiss National Bank reviews its policy strategy
Bank Indonesia resumes monetary easing
Central bank commits to further government bond purchases on the primary market
Bank of Zambia caught between surging inflation and debt crisis
Central bank hikes policy rate as kwacha falls and fiscal spending overshoots targets
The Covid crisis, central banks and the future
Crisis responses were needed, but have exacerbated significant underlying challenges facing central banks
French governor calls for ECB to make radical carbon shift
ECB is not sufficiently accounting for exposure to climate risk, says Villeroy de Galhau
Mexican central bank board cuts policy rate
Rate-setting board unanimously votes for looser policies despite above-target inflation
Book notes: The political economy of the special relationship, by Jeremy Green
Unsatisfactory story about the decline and resurgence of the UK’s importance in the global financial system
Bank efficiency has little effect on Chinese monetary policy – Finnish paper
Chinese banks with very high or low loan-to-deposit ratios are most affected, researchers find
Riksbank revises up growth and inflation forecasts for 2021
Swedish central bank maintains stimulus; inflation not expected to approach target until 2023
Measuring the exceptional speed and scope of Covid-19 monetary policy
Policy actions during the first wave of the pandemic were extraordinary for their intensity, scope and speed
European central bankers see room for fiscal-monetary co-operation
Pandemic showed it was “critical” for both policies to work together, say central bank governors
Bailey defends BoE’s independence
Claims that buying government debt threatens independence are “entirely without merit”, governor says
BoE tells firms to prepare for negative rates
Preparation is not a signal that negative policy rates will be adopted, Bailey stresses
Eurozone inflation jumps to 0.9% in January
Analysts argue sharp increase was pushed by German tax increase and statistical changes
Reserve Bank of Australia launches A$100bn in new QE
Australian central bank surprises analysts with easing measure, despite more hopeful macroeconomic forecast